Surprise Inventory Build and Demand Concerns Drive Oil Prices Down
TL;DR Summary
Crude oil inventories in the United States rose by 594,000 barrels, contrary to expectations of a draw, leading to lower oil prices. Gasoline inventories increased by 2.83 million barrels, while distillate inventories rose by 890,000 barrels. Cushing inventories saw the largest increase, rising by 4.28 million barrels. The disappointing OPEC+ decision to extend production cuts also contributed to the decline in oil prices.
Topics:business#crude-oil-inventories#cushing-inventories#distillate-inventories#energy#gasoline-inventories#oil-prices
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